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Relieved Germany May Throw Greece a Bone

Leaders applaud results as financial woes continue
By Matt Cantor,  Newser Staff
Posted Jun 18, 2012 7:40 AM CDT
Relieved Germany May Throw Greece a Bone
FILE - In this May 15, 2012 file picture German Foreign Minister Guido Westerwelle gestures during his speech at the Sabanci University in Istanbul, Turkey. German, Italian and Spanish foreign ministries have announced that Syrian ambassadors are being expelled, following similar moves by France, Britain,...   (AP Photo/str/ File)

(Newser) – Germany signaled that it may give Greece some much-needed breathing room in its bailout timetable today, as European leaders cheered the victory of Greece's pro-bailout leaders this weekend. "We're ready to talk about the time frame as we can't ignore the lost weeks and we don't want people to suffer because of that," says Germany's foreign minister. Reuters notes that Greece's bailout amount would have to rise should the country be given an extra year to hit its targets.

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But controversy continues as world leaders meet at a euro-focused G20 summit in Mexico. Greek leaders are working to organize a coalition government, which the radical SYRIZA party says it won't join—though it acknowledges the "country must have a government tonight," according to the Telegraph's live blog. Meanwhile, despite the Greek election, Spain and Italy continue to struggle, with borrowing costs climbing for both countries, Reuters notes. (Read more Greece stories.)

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